HAMILTON, Bermuda, May 23, 2024
/PRNewswire/ -- Borr Drilling Limited ("Borr", "Borr Drilling" or
the "Company") announces unaudited results for the three months
ended March 31, 2024.
Highlights
- Total operating revenues of $234.0
million, an increase of $13.4
million or 6% compared to the fourth quarter of 2023.
- Net income of $14.4 million, a
decrease of $14.0 million compared to
the fourth quarter of 2023.
- Adjusted EBITDA of $116.8
million, an increase of $5.3
million or 5% compared to the fourth quarter of 2023.
- Raised $200 million of additional
principal amount of debt under the 2028 Senior Secured
Notes.
- Year to date of report, the Company has been awarded eleven new
contract commitments, representing 1,743 days and $318 million of potential contract revenue,
including five new contract commitments signed after the end of the
first quarter of 2024.
- On May 22, 2024, the Board
declared an increase in cash dividend to $0.10 per share for the first quarter of 2024 to
be paid on or about June 17, 2024.
CEO, Patrick Schorn
commented:
"The first quarter results have been strong, driven by solid
operational performance with technical utilization coming in at
99.0% and economic utilization at 98.6%, keeping us right on track
to meet our annual plan. We finished the quarter with all 22
delivered rigs operating, however after the close of the quarter,
the contract for one of our rigs, "Arabia I" in Saudi Arabia, was suspended. The rig had
excellent operational performance, and based on current customer
discussions we are optimistic it will be re-contracted before the
end of Q3.
On the contracting front, we continue to deliver strong results,
securing $318 million in revenue
backlog year to date, translating to an average day rate of
approximately $183,000. Notably, in
the second quarter, we achieved our first-ever contract exceeding
$200,000 per day on a clean day rate
basis. This milestone not only underscores the premium quality and
operational excellence of our fleet, but it is a positive
confirmation of our views of a well-balanced market despite the
recent developments in Saudi
Arabia.
Given the high utilization of our rigs and limited near term
availability, we are working closely with our customers to optimize
the deployment of our fleet to best serve their requirements. As
such, it is our expectation that the newbuild rig "Vali", to
be delivered from the shipyard by the end of 2024, will immediately
join the operational fleet to cover this work scope.
On the back of the strong operational performance and the
positive market outlook, the board has approved an increase of the
quarterly dividend to $0.10 per
share. This doubling of dividend versus the previous quarter is in
line with our stated ambition of progressively increasing dividend
in-line with our earnings projections. Additionally, we
reiterate our full year Adjusted EBITDA guidance range for 2024 of
$500 to $550
million."
CONTACT:
Questions should be directed to:
Magnus Vaaler, CFO, +44 1224
289208
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The following files are available for download:
https://mb.cision.com/Public/16983/3986507/a91a2415120c28cb.pdf
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Borr Drilling Limited
Fleet Status Report Q1-24
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https://mb.cision.com/Public/16983/3986507/8a7f0660804b7c58.pdf
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Borr Drilling Limited
Q1-24 Earnings Release
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SOURCE Borr Drilling Limited